VIKRAM SOLAR LIMITED PRE IPO/ UNLISTED SHARE
Established on 02 December 2005 Vikram Solar Limited is a Public Limited Company and the company module manufacturing capacity annually of 2.5 GW. It is the second-largest solar energy company in India in terms of revenue. It is registered at the registrar of companies in Kolkata, West Bengal as a non-government company. Authorized equity share capital is Rs. 4,00,00,00,000 and its paid-up share capital is Rs. 2,58,83,00,000. It is involved in the business of manufacturing solar PV modules, but it also provides engineering, procurement, and construction services, as well as solar power plant operations and maintenance.
In addition to the United States, it supplied solar modules in Belgium, Bhutan, Canada, Denmark, Germany, Ghana, Nepal, the Netherlands, New Zealand, Poland, and Saudi Arabia in fiscal 2020-21.
INCORPORATION DETAILS
|
CIN |
U18100WB2005PLC106448 |
|
Registration Date |
02 December 2005 |
|
Company Name |
VIKRAM SOLAR LIMITED |
|
Email Address |
secretarial@vikramsolar.com |
|
Category/Sub-category of the Company |
Company Limited by Shares/Non-Government Company |
|
Class of Company |
Public Company |
|
Registration Number |
106448 |
|
Address of the Registered office & contact details |
‘The Chambers’, 8th Floor, 1865, Rajdanga Main Road, Kolkata- 700 107, West Bengal |
|
Address and Contact details of Registrar Transfer Agent |
Maheshwari Datamatics Private Limited 23, R. N. Mukherjee Road, 5th Floor, Kolkata- 700 001, West Bengal |
|
Listing Status |
Unlisted |
PARTICULAR OF SUBSIDIARY COMPANIES
|
S. No. |
Name of the Company |
Subsidiary |
% of shares held |
|
1. |
VP Utilities & Services Private Limited |
Subsidiary |
100% |
|
2. |
VSL Green Power Private Limited |
Subsidiary |
100% |
|
3. |
Vikram Solar RE Power Private Limited |
Subsidiary |
100% |
|
4. |
Vikram Solar Foundation |
Subsidiary |
100% |
|
5. |
Vikram Solar Cleantech (P) Ltd. |
Subsidiary |
100% |
|
6. |
Indriya Labs Pvt. Ltd. |
Subsidiary |
100% |
|
7. |
Vikram Solar GmbH |
Subsidiary |
100% |
|
8. |
Vikram Solar Pvt. Limited |
Subsidiary |
100% |
|
9. |
Vikram Solar Us Inc. |
Subsidiary |
100% |
BOARD OF DIRECTORS
|
S. No. |
Name of Directors |
Category of Directors |
|
1. |
MR. H.K. CHAUDHARY |
CHAIRMAN |
|
2. |
MR. J.P. DUA |
INDEPENDENT DIRECTOR |
|
3. |
MR. PROBIR ROY |
INDEPENDENT DIRECTOR |
|
4. |
MR. GYANESH CHAUDHARY |
MANAGING DIRECTOR |
|
5. |
MR. VIKRAM SWARUP |
INDEPENDENT DIRECTOR |
|
6. |
MR. K.K. MASKARA |
WHOLE-TIME DIRECTOR |
|
7. |
MS. NEHA AGRAWAL |
WHOLE-TIME DIRECTOR |
Principal Business Activities of the Company
|
S. No. |
Name & Description of main products/services |
NIC Code of the Product /service |
% to total turnover of the company |
|
1 |
Sale of Solar PV Modules |
35105 |
70.84% |
|
2 |
Engineering, Procurement, and Construction (EPC) |
42201 |
29.16% |
|
TOTAL |
100.00% |
SHAREHOLDING PATTERN
(As on 31-03-2021)
|
S. No. |
Shareholder’s Category |
No. of Shares |
% of total Shares of the company |
|
1 |
Promoter and Promoters Group |
2,40,91,92,500 |
93.08% |
|
2 |
Public |
6,91,90,000 |
2.67% |
|
3 |
Non-Promoter Non-Public |
10,99,17,500 |
4.25% |
|
|
Total |
2,58,83,00,000 |
100.00% |
Industry Outlook
The Company Domestic demand was impacted by the general economic slowdown throughout the year. The unprecedented outbreak of COVID-19 and subsequent nationwide lockdown alleviated additional stress on the Company's business. Despite these challenges, the Company was able to post a healthy performance in Financial Year 2020-21.
The Company has installed and commissioned over 1358 MW of solar projects in India. It has an annual PV Module production capacity of 1.2 GW. In 2020, the Company received 5 awards for technical innovation and operational efficiencies at the 'PV Module Tech India 2020 Awards'.
In fiscal 2020-21, the Indian economy contracted by 7.3%. Services and industry were among the hardest hit by the pandemic, while agriculture grew by 3.6%. The Government of India and the Reserve Bank of India implemented a number of strategic measures to fortify the economy.
The Company has made significant strides in reducing climate change through the use of solar energy. It has worked tirelessly to reduce costs and meet customer demands in a rapidly changing environment.
PROFIT & LOSS STATEMENT OF VIKRAM SOLAR LIMITED
(Rs. in Million)
(As of 31-03-2019 to 31-03-2021)
|
Particular |
2021 |
2020 |
2019 |
|
INCOME |
|||
|
Revenue from operations |
16,100.90 |
16,396.83 |
19,562.87 |
|
Other income |
174.53 |
222.91 |
144.57 |
|
Total income |
16,275.43 |
16,619.74 |
19,707.44 |
|
EXPENSES |
|||
|
Cost of material and services consumed |
12,163.06 |
12,244.54 |
15,835.22 |
|
Changes in inventories of finished goods and work-in-progress |
5.37 |
351.54 |
(224.78) |
|
Employee benefits expense |
870.64 |
924.58 |
841.16 |
|
Finance costs |
994.70 |
949.65 |
914.16 |
|
Depreciation and amortization expense |
388.26 |
367.75 |
279.65 |
|
Other expenses |
1,290.73 |
1,477.46 |
1,471.70 |
|
Total expenses |
15,712.76 |
16,315.52 |
19,117.11 |
|
Profit before tax |
562.67 |
304.22 |
590.33 |
|
Income tax expense |
|||
|
Current tax |
109.34 |
61.62 |
120.63 |
|
Deferred tax (net of MAT credit entitlement) |
71.82 |
17.56 |
58.23 |
|
Total income tax expense |
181.16 |
79.18 |
178.86 |
|
Profit for the year |
381.51 |
225.04 |
411.47 |
|
Other comprehensive income |
|||
|
Items that will be reclassified to profit or loss and its related income tax effects: |
|||
|
Exchange difference on foreign operations |
46.01 |
(63.46) |
(36.63) |
|
Re-measurement of gain / (losses) on defined benefit plans |
1.81 |
0.38 |
(0.53) |
|
Income tax effect |
(0.60) |
(0.14) |
0.19 |
|
Total Other Comprehensive income, net of taxes |
47.22 |
(63.22) |
(36.97) |
|
Total comprehensive income for the year |
428.73 |
161.82 |
374.5 |
|
Earnings per share: |
|||
|
Earnings per share (Basic) |
16.70 |
8.06 |
14.73 |
|
Earnings per share (Diluted) |
16.70 |
8.06 |
14.73 |
BALANCE SHEET OF VIKRAM SOLAR LIMITED (Rs. in Million)
(As of 31-03-2019 to 31-03-2021)
|
PARTICULARS |
2021 |
2020 |
2019 |
|
ASSETS |
|||
|
Non-Current Assets |
|||
|
Property, plant, and equipment |
3,203.39 |
3,328.84 |
3,228.31 |
|
right-of-use assets |
469.56 |
77.44 |
- |
|
Capital work-in-progress |
660.59 |
109.12 |
99.18 |
|
Intangible assets |
139.70 |
160.06 |
125.93 |
|
Intangible assets under development |
4.88 |
- |
19.25 |
|
Financial assets: |
|||
|
Investments |
- |
- |
1.72 |
|
Loans |
28.11 |
21.59 |
15.62 |
|
Other financial assets |
699.40 |
678.92 |
493.88 |
|
Deferred tax asset (net) |
2.11 |
1.91 |
1.84 |
|
Other non-current assets |
114.52 |
66.97 |
52.86 |
|
Total non-current assets |
5,322.26 |
4,444.85 |
4,038.59 |
|
Current assets |
|||
|
Inventories |
1,930.07 |
2,265.63 |
2,071.30 |
|
Financial assets: |
|||
|
Trade receivables |
6,433.08 |
5,318.53 |
5,388.72 |
|
Cash and cash equivalents |
85.87 |
316.78 |
151.96 |
|
Bank balances other than above Cash and cash equivalents |
778.29 |
781.70 |
870.34 |
|
Loans |
197.49 |
54.14 |
23.17 |
|
Other financial assets |
1,969.90 |
1,806.93 |
1,138.05 |
|
Current tax assets (net) |
7.92 |
198.77 |
161.02 |
|
Other current assets |
537.00 |
576.56 |
494.18 |
|
Total current assets |
11,939.62 |
11,319.04 |
10,298.74 |
|
TOTAL ASSETS |
17,261.88 |
15,763.89 |
14,337.33 |
|
EQUITY AND LIABILITIES |
|||
|
Equity |
|||
|
Equity share capital |
235.30 |
279.25 |
279.25 |
|
Other equity |
3,908.42 |
3,339.05 |
3,198.36 |
|
Total equity |
4,143.72 |
3,618.30 |
3,477.61 |
|
Liabilities |
|||
|
Non-current liabilities |
|||
|
Financial liabilities |
|||
|
Borrowings |
2,296.29 |
1,870.98 |
2,035.73 |
|
Trade Payable |
85.28 |
- |
- |
|
Other financial liabilities |
107.20 |
- |
- |
|
Lease Liabilities |
423.21 |
69.85 |
- |
|
Provisions |
70.40 |
56.40 |
48.12 |
|
Deferred tax liabilities (net) |
183.71 |
110.93 |
104.52 |
|
Deferred income from grant |
170.57 |
166.49 |
180.86 |
|
Other non-current liabilities |
- |
- |
242.89 |
|
Total non-current liabilities |
3,336.66 |
2,274.65 |
2,612.12 |
|
Current liabilities |
|||
|
Financial liabilities: |
|||
|
Borrowings |
3,327.50 |
3,072.90 |
3,555.97 |
|
Lease Liabilities |
84.67 |
39.26 |
- |
|
Trade payables: |
|||
|
- Total outstanding dues of micro-enterprises and small enterprises |
365.10 |
299.86 |
95.82 |
|
- Total outstanding dues of creditors other than micro-enterprises and small enterprises |
4,605.33 |
4,652.24 |
3,861.96 |
|
Other financial liabilities |
1,034.70 |
425.60 |
465.72 |
|
Provisions |
5.74 |
3.14 |
2.77 |
|
Current tax liabilities |
- |
21.10 |
5.05 |
|
Deferred income from grant |
14.37 |
14.37 |
14.37 |
|
Other current liabilities |
344.09 |
1,342.47 |
245.94 |
|
Total current liabilities |
9,781.50 |
9,870.94 |
8,247.60 |
|
Total liabilities |
13,118.16 |
12,145.59 |
10,859.72 |
|
Total equity and liabilities |
17,261.88 |
15,763.89 |
14,337.33 |
DIVIDEND AND RETAINED EARNINGS
(As of 31-03-2019 to 31-03-2021)
|
Particulars |
2021 |
2020 |
2019 |
|
Dividend |
Nil |
Nil |
Nil |
|
Retained Earnings (Rs. In Million) |
3,185.92 |
2,866.93 |
2,827.34 |
PERFORMANCE OF THE COMPANY
Revenue from operations decreased from Rs. 16,396.83 Million in FY 2020 to Rs. 16,100.90 Million in FY 2021, showing a decline of 1.80% as compared to the previous financial year.
Finance Cost has increased from Rs. 949.65 Million in FY 2020 to Rs. 994.70 Million in FY 2021 showing a growth of 4.74% as compared to the previous financial year.
In FY 2021, Company’s Net profit stood at Rs. 381.51 Million, 69.52% higher than the net profit of Rs. 225.04 million in FY 2020 as compared to the previous financial year.
The current Ratio of the company as of 31st March 2021 was 1.22.
The debt to equity ratio of the company as of 31st March 2021 was 3.16.
In the Financial Year 2020-21, the company has not paid dividends.
